Honest, a credit card issuer based in Indonesia, has raised new funding that brings its total equity funding to US$100 million.

The latest growth round was led by Japanese credit card company Orico, with continued support from XYZ Venture Capital, SV Pacific Ventures, and Village Global, and new participation from US-based Gilgamesh Ventures.

Honest also secured US$40 million in debt financing from Mizuho Bank.

The company plans to use the funds to expand its credit card offerings, including corporate and co-branded cards.

Honest was launched in 2023 and is led by Peter Panas, a former Goldman Sachs executive, and Will Ongkowidjaja, co-founder of Alpha JWC.

XYZ Venture Capital managing partner Ross Fubini will join Honest’s board after the investment.

🔗 Source: Honest